Скачать или смотреть Labor's Share of Income - Intermediate Macroeconomics

In this question, we're given a partly parameterized Cobb-Douglas Production Function, and actual values for Labor and Capital (technically capital is land in this problem). We then find the portion of total income that goes to Labor. Plus I show a trick, given any Cobb-Douglas Production Function with constant returns to scale, how you can look at the production function and find the labor share of income and capital share of income in half-a-second.

This videos solves Part C of the problem below.

More Intermediate Macro Video: https://sites.google.com/site/curtisk...
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Suppose the production function in medieval Europe is Y=K^0.5 L^0.5, where K is the amount of land and L is the amount of labor. The economy begins with 100 units of land and 100 units of labor. Use a calculator and equations in the chapter to find a numerical answer to each of the following questions.
a. How much output does the economy produce?
b. What are the wage and the rental price of land?
c. What share of output does labor receive?
d. If a plague kills half the population, what is the new level of output?
e. What is the new wage and rental price of land?
f. What share of output does labor receive now?

From Mankiw "Macroeconomics" (Intermediate level), 8th edition, Chapter 3 (The Open Economy) - Problem 2
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